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Advisers support cash rebates and transparency


An Ascentric survey of over 90 advisers showed that 90% agreed or strongly agreed that unbundled charging provides client transparency. Echoing a view shared by many platforms, IFAs and fund managers, the survey also showed that 86% of advisers believe fund manager cash rebates to the client cash account should be allowed to continue. And only 21% of the advisers surveyed felt that using a single platform affected their independent status.

Commenting on the results, Richard Goodall (pictured), Sales & Marketing Director at Ascentric, says: “There are some very clear messages here including an overwhelming view about unbundling and cash rebates from a good cross-section of advisers. We hope the FSA considers this response in the run up to regulation.”
The survey also showed that 93% felt their business will be RDR ready and 85% were distinctly optimistic about the future of financial services. However, there were very mixed views about the economy with only 21% believing the UK was out of recession and 33% lacking confidence that the Government is in control of the economy.
Most advisers believe clients now expect more from them as advisers than a year ago and they should be using the latest technology as part of their service proposition. Only 14% and 8% respectively disagreed with these views.
The jury remains out on whether the April Budget has been good for clients with over 60% of advisers stating that the reduction in Lifetime Allowance would affect clients while 57% felt their clients would benefit from Flexible Drawdown. The survey also suggests a comeback for MIPs with 53% of advisers indicating that they will play a larger part in future financial planning.
Richard Goodall adds: “Despite continued uncertainties about the economy, advisers’ growing confidence in the financial services sector and their ability to maintain their status post RDR indicates a real optimism about the future of the market.”
The survey was undertaken at Ascentric’s recent Tax Planning and Investment seminars in London, Bristol and Birmingham.

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